A new look and a new name.
Billions are being spent to renovate shopping centers to tailor them to consumers’ changing tastes and shopping patterns.
And these changes are going way beyond a fresh coat of paint and some new tenants. Often the malls’ very identity is changing, and the word “mall” is being ditched.
Ninety regional malls have spent more than $8 billion in renovations during the last three years, according to a study by investment management company Jones Lang LaSalle.
JLL found that since 2014, about 20 percent removed the “m-word” from their official title after renovations. Common replacements: “shoppes,” “village” and “towne center.”